Dividend policy, corporate control and tax clienteles: The case of Germany

Arbeitspapier

This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling shareholder matters as family controlled firms have high dividend payouts whereas bank controlled firms have low dividend payouts. However, there is no evidence that the dividend preference of the large shareholder has an impact on the dividend decision.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: CFS Working Paper ; No. 2011/16

Classification and Topics

• Classification: Wirtschaft ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill ; Payout Policy
• Subject: Dividend Policy ; Payout Policy ; Lintner Dividend Model ; Tax Clientele Effects ; Corporate Governance ; Dividende ; Eigentümerstruktur ; Aktionäre ; Steuerplanung ; Corporate Governance ; Deutschland

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Andres, Christian ; Betzer, André ; Goergen, Marc
• Event: Veröffentlichung
• (who): Goethe University Frankfurt, Center for Financial Studies (CFS)
• (where): Frankfurt a. M.
• (when): 2011

Further information

• Handle: http://hdl.handle.net/10419/57350
• URN: urn:nbn:de:hebis:30-115328
• Last update: 10.03.2025, 11:41 AM CET